News / Nationalby Staff reporterTHE City of Bulawayo is set to open the former Ascot Race Course to competing investors after council resolved to abandon plans for exclusive negotiations with CBZ Bank over the development of the prime 59,8-hectare property.The decision follows the completion of a Local Subject Plan (LSP) for the site, which council says provides a framework for orderly and sustainable development of one of the city's most valuable land assets.According to a report by Town Clerk Christopher Dube, the completion of the LSP constituted a material change in circumstances from those that existed when council resolved to negotiate directly with CBZ Bank. "The Local Subject Plan for the former Ascot Race Course site had now been completed. "Given that the Ascot Race Course site was prime land and one of the City's most strategic development assets, it was important that council adopted a process that ensured maximum value was derived from the land," the report said. "Limiting consideration to a single investor might deny council the opportunity to evaluate alternative proposals that could potentially offer superior financial, technical and developmental benefits. "Revenue generated from these fees would offset the costs associated with advertising, administration, and evaluation of submissions, thereby making the process largely self-financing," the report said.The local authority also expects competitive marketing of the property to maximise its value while creating opportunities for future revenue generation through investment and development.Council subsequently resolved to rescind its previous decision authorising management to negotiate with CBZ Bank Limited and allow the relevant department to advertise and invite Expressions of Interest for the development of the former Ascot Race Course site.The move effectively opens the door for other investors and developers to compete for a stake in what is regarded as one of Bulawayo's prime remaining development sites.